Ynet, an Israeli news website, has revealed that the Dubai Foreign Direct Investment (FDI) in the United Arab Emirates (UAE) and the Federation of Industrialists in Israel have signed a new trade agreement.
The Israeli website added the volume of trade between the Emirati and Israeli sides is estimated at 14 billion Shekels (14 billion UAE Dirhams).
During the months from September 2020 through January 2021, the Israeli and Emirati foundation signed trade treaties of 1 billion shekels.
On his part, Ron Tomer, chairman of the Federation of "Israeli Industrialists", said that the new treaty aims at creating a long-range partnership between the two sides to help develop trade and economy in the region.
He pointed out that Israel can benefit from the new gate of the Gulf States to the West, Meanwhile, the UAE can use the Israeli gate to increase trade with Asia.
Tomer forecasts that such cooperation pushes the vision of peace, fraternity in the region.
On the other hand, Fahd El-Gergawy, CEO of FDI made clear that in a smart city like Dubai, this agreement with the Israelis leads to strategic initiatives inter various sectors in the two countries to improve UAE's response to the needs of investors and ensuring the flow of investments.
He assured that Dubai enjoys economic world fame as a safe and stable place.
He went on to say that the city supports creativity and readies to deal with the future as a general policy.
According to I24NEWS, an Israeli news website, the newly signed agreement is added to series of treaties.
It is expected to support investments and trade ties between Dubai and Israel along with establishing a system that strengthens the future relations between the two sides.
This agreement sets the foundation for initiatives that include mutual cooperation, creating investment opportunities via exchange specific information, and attracting companies to both Dubai and Israel.
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